The important distinction is whether the auction is for either property taxes OR for a mtg foreclosure….as each one has different legal implications, ie. redemption periods, what mtgs/liens/judgments, etc remain with the property and the new owner verses which ones get wiped out.

If you have a high credit score, PMI should be cheaper and you should get a conventional loan.Also, another important distinction is that mortgage insurance never comes off of a Gov't loan. 

@Linnea Minnema I drove through the area and there is a distinct difference from Crestwood.

@Anthony Dooley  Ok we can debate this and you have two distinct asset class's you have historic non appreciating areas or areas that have actually deprecated.. and you have historic appreciating areas.in historic non deprecating areas homes are NOT 500K  they are maybe 100k.. so with rents at 1000 a month for a nice home even in those areas.. owners can pay them off in less than 10 years.. never to pay again and have a nice nest egg and security and not have to worry about moving or someone telling them what they can  and cannot do.. you cannot put dollars on that aspect.. in areas with known appreciation IE ( HISTORIC) there is no question that these homes over time will do more for a person at the end of a 30 year run than a few rentals.. you would need to be in the rental BUSINESS to do better..

There generally is a distinction if you operate an an employee.

investment go bad.So, I'm going to recommend learning how to do multi-family - especially commercial (and what the distinction is) - before jumping in with both feet.Time taken now can prevent big losses down the road.My $0.02...

This distinction makes a huge difference in how an investment may be interpreted.Secondly, why is IRR not included in the BP Calculators or is it and I am somehow missing it?

Each of these jurisdictions has their separate and distinct building departments and jealously guard their distinct prerogatives over their particular slice of the pie.  

I appreciate the precise distinctions.

There are a few in meetup.com but I do want to make a distinction because a master mind group is typically for investor already working deals that need info, opinions or resources from other investors vs if you haven't done any deals there are groups in meetup that they teach how to invest, they do walkthrough of properties and things of that nature so it depends on what you are looking for and where exactly you are on the journey.